July 3rd (Steel Guru) – It is reported that West Perth based Giralia Resources NL has exercised its one off put option on July 1st 2008 to sell its remaining 2.6 million shares in Red Hill Iron Ltd at USD 7 per share on the terms set out on March 20th 2008 between Giralia and both AMCI Investments Pty Ltd and Australian Coal Inter Holdings IA BV. The proceeds of the sale will be about AUD 18.5 million.
Giralia had previously sold the first tranche of 4 million Red Hill Iron shares to AMCI and ACIH at AUD 7 per share.
The report said that following completion of the transactions, Giralia will have AUD 77 million in cash which will be used to accelerate exploration and development of its project portfolio, particularly its wholly owned iron ore assets.
Iron Ore Daily Post 